With the new regulation brought in Iran, crypto money miners will sell the crypto money they produce directly to the central bank.
The government in Iran has made a new regulation regarding cryptocurrencies. Accordingly, crypto coins can be used for import.
According to local news outlets, the law on digital assets has been amended to allow cryptocurrencies to be used by the Iranian Central Bank for import financing. With the change, crypto coins legally issued in Iran can be exchanged if they are used to finance imports.
Miners will supply cryptocurrencies directly to the central bank within the allowed limit. In other words, this change requires licensed crypto money miners to sell the crypto money they produce directly to the central bank.
On the other hand, the legal cryptocurrency limit for each miner will be determined according to the level of energy used for mining with state support and the instructions issued by the Ministry of Energy.
It is stated that the use of cryptocurrencies in imports will help the central bank bypass the restrictions imposed by the US on Iran’s use of the dollar system.
“Bad for miners”
On the other hand, crypto analyst Alireza Shamkhi, speaking to the ISNA news agency on the issue, said that the new law carries uncertainties. For example, it is not specified how the central bank will price cryptocurrencies or what the exchange rate between dollar and rial will be. Previously, miners could exchange cryptocurrencies for dollars, rials or other currencies at market prices. Emphasizing that the requirement for miners to report their production to the central bank is also not seen in other sectors, Shamkhi concludes that the new law will reduce the attractiveness of the industry and the profit margin of miners will drop significantly.
Last month, we reported that car imports in Iran are being financed by cryptocurrency mining due to hyperinflation in the country.